The Federal Government, through the Minister of Marine and Blue Economy, Adegboyega Oyetola, has announced plans to bring an end to the issuance of waivers under the Coastal and Inland Shipping Act of 2003 to boost indigenous shipping.
Oyetola, in a statement by his Media and Communications Adviser, Bolaji Akinola, stated this recently when he received a high-level delegation from Nigerian National Petroleum Corporation Shipping, Stena Bulk, and Caverton Offshore Support Group in Abuja.
The visit comes on the heels of the formal unveiling of Unity Shipping World, a newly formed joint venture by NNPC Shipping, global maritime giant Stena Bulk, and Nigerian offshore service leader Caverton Offshore Support Group.
The joint venture aims to establish a robust tanker operation capable of transporting crude oil, refined products, and LNG within Nigeria, West Africa, and globally.
The Coastal and Inland Shipping Act, also known as the Cabotage Act, restricts domestic coastal shipping to Nigerian-owned, Nigerian-crewed, and Nigerian-built or -flagged vessels.
However, waivers have often been granted to foreign vessels when local capacity is deemed insufficient.
